Unaudited preliminary results for the year ended 31 December 2018
Intelligent Ultrasound Group plc (AIM: MED), the artificial intelligence (AI) software and simulation company, announces its unaudited preliminary results for the year ended 31 December 2018, an exciting year for the Group during which it piloted the lead AI obstetric product of its Clinical AI Division and continued to grow sales in its Simulation Division.
Financial highlights:
• Group revenues (Simulation Division sales only) increased 27% to £5.3m (2017: £4.2m)
• Expenditure on R&D up 76% to £1.8m (2017: £1.1m) after significantly increased investment in AI
• Raised £4.8m net of costs by way of placing of shares and open offer
• Year-end cash at £5.6m (2017: £4.3m) and no debt
Operational highlights:
Simulation Division:
• Successful launch of BodyWorks Eve, a new life-like manikin-based simulator for the Point of Care Ultrasound (PoCUS) market that combines ScanTrainer and HeartWorks technologies
• Now over 700 simulators sold to over 400 medical institutions in over 30 countries around the world
Clinical Division (AI):
• Database used for training its AI products now exceeds 1 million obstetric ultrasound images
• First ScanNav real-time AI-based ultrasound image analysis software successfully piloted in two UK hospitals in advance of commercialisation
• Commenced a clinical study within the Aneurin Bevan University Health Board to capture data for its AnatomyGuide AI software for ultrasound-guided anaesthetic procedures such as peripheral nerve blocks
Name change
• Post year-end completed the name change that was announced in November 2018 and changed the name of the Group from MedaPhor to Intelligent Ultrasound reflecting that, in addition to being a global leader in ultrasound training through simulation, the Group has expanded into the development of AI software to guide and support doctors and sonographers in clinical ultrasound scanning
Commenting on the results, Riccardo Pigliucci, Chairman of Intelligent Ultrasound said:
“Despite the disappointing share price performance during the year, the Group made good progress in 2018 and I would like to thank all our shareholders for their continued support, as well as extending the Board’s gratitude to all our staff and customers around the world. The Simulation Division demonstrated encouraging growth in the ultrasound simulation market and we expect broadly similar growth to continue in the coming years. The Clinical Division achieved all its development milestones in the year and is now focussed on signing commercial agreements with the ultrasound manufacturers and bringing our ScanNav and AnatomyGuide AI image analysis software through regulatory approval to market. The Group is currently trading in line with expectations and we look forward to the year ahead with considerable enthusiasm.”
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